JAKARTA,
Indonesia, July 31, 2024 /PRNewswire/ -- PingPong
officially received a PJP payment license issued by Bank Indonesia.
This license allows PingPong to carry out domestic and
international money transfers in Indonesia, providing safe, convenient and
comprehensive payment, collection and remittance services for
various global companies looking to expand their business to
Indonesia and local Indonesian
businesses aiming for global growth.
With a population of 280 million people, Indonesia is the fourth most populous country
in the world. Indonesia has an
average annual GDP growth rate of around 5%, and its GDP is
projected to reach USD 1.48 trillion
by 2024. Indonesia, with its large
consumer market, young demographic structure, and high internet
penetration rate, has become fertile ground for the development of
the e-commerce industry and a favorite destination for global
companies.
David Messenger, CEO of Global
Businesses at PingPong, stated: "In recent years, more
and more cross-border sellers and Chinese brands have expanded
their business to Indonesia, while
local Indonesian businesses are also actively involved in
cross-border trade. This has generated huge demand for cross-border
payment and remittance services.
"By obtaining an Indonesian license, PingPong can provide
local businesses with local and foreign currency payment services
for general trade or cross-border e-commerce. Additionally,
PingPong can offer end-to-end, one-stop cross-border payment
solutions to global companies in Indonesia, helping them improve global
operational efficiency."
Industry experts note that obtaining an Indonesian license
signals that the company's commercial viability, compliance,
information security and technological superiority have been
recognized by local regulators. This enables deeper integration
with local banks and e-commerce platforms, increasing payment
efficiency and reducing costs. The company can further develop its
local service ecosystem in Southeast
Asia, and continue to realize its global payment service
network.
To date, PingPong holds more than 60 payment licenses and
permits in various countries and regions, including China, Hong
Kong, the United States,
Canada, Australia, the European Union, the
United Kingdom, Japan, Singapore, Indonesia and India. PingPong is China's only cross-border payments agency
holding payment licenses and permits in eight of the world's
largest economies, meeting the needs of a wide range of companies
looking to expand into key global markets.
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